2018 BAH Increases for Hawaii – Achieve Your Dream of Home Ownership!
Great news for upcoming homebuyers who are active duty members of our military, especially in Hawaii! The Department of Defense has announced increases for basic housing allowance (BAH) rates for 2018. Beginning on the 1st of January, over 900,000 military personnel nationwide will see their BAH increased by an average of 0.7%. The rates are based on prevailing rent and utilities costs for each region, and the Aloha state’s expensive market means Hawaii’s four counties will see larger than average increases, from 2-12%.
In Honolulu, an ensign at E-5 grade with dependents will be eligible for $2,745 per month, a 5% increase over 2017’s rate of $2,631. A warrant officer at W-5 with dependents will receive $3,654, an increase of 3% from $3,555 last year.
Here are some BAH rates for Honolulu and Maui County.
Honolulu County (Oahu):
It’s a higher BAH coupled with STILL low interest rates make 2018 an ideal time to buy a home…with a 0% down VA loan, your dream of home ownership may be closer than you realize! Historical median sales data show Hawaii’s real estate values continue to outpace most markets in the U.S., making a home a great investment no matter what you decide to do with the property once you PCS.
Also, just announced: VA loan limits have increased for Maui and Hawaii Island! The new limit is $679,650. (The limit remains unchanged at $721,050 for Oahu and $713,000 for Kauai.)
To learn more about the advantages of a VA loan and get an insider perspective on Hawaii real estate from a team member from Hawaii Life’s Military Specialized Team, please contact me, Cathy Possedi!
Cathy Possedi, REALTOR(B) CRS, SRS, SFR, MRP